The agreement also includes $75 million through a research and development and education and training award to position the province as a centre of excellence for deepwater oil and gas activities. North Bay Project Framework Agreement. Opening of a new basin, the Flemish pass. From this point of view, section 82 was only one of the prices paid, not for the acquisition of sovereign rights on the enlarged continental shelf, but for all the benefits that Canada receives from UNCLOS. Therefore, the costs of complying with section 82 should be paid by Canada on behalf of all beneficiaries. We are ready to explore this [revenue sharing] possibility and we are ready to support this principle to encourage accommodation. The two conditions – and I have pointed out – on the basis of which Canada would be prepared to support such a principle would be: first, that any agreement drawn up should not deviate in any way from our sovereign rights established to the edge of the margin; and second, that financial contributions would go primarily to developing countries, particularly least developed countries16. Canada has not publicly endorsed this concept of section 82. However, several reports in 2014 quoted a spokesperson for the Department of Foreign Affairs, Trade and Development in an email that “Article 82 should come from the benefits of the associated offshore activity.” 15 There is no guarantee that Equinor will continue its Northern Bay project, but if so, there is a framework agreement with the provincial government. The revered Dwight Ball Premier of Newfoundland and Labrador said, “Today, the global recognition of Newfoundland and Labrador is the place to be for deepwater production. Equinor and Husky`s commitment and investment in this project underscores the appeal of our industry and the potential that exists in this province in our offshore region. This government`s mission is to bring economic activity to our doorstep and the Bay of the North project will provide significant benefits, including new employment opportunities over the life of the project.
Newfoundland and Labrador`s exit from the deepwater production scene took a step forward on July 26, when the government signed a framework agreement for the North Bay oil project, led by Equinor Canada. Late July 2018 Equinor Canada Ltd.